Digital lean operations: smart automation and artificial intelligence in financial services

Robert N. Boute, Joren Gijsbrechts, Jan A. Van Mieghem*

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

The financial services industry covers banks, insurance companies and investment managers, as well as transaction or message processing companies. To streamline billions of daily transactions, lean principles and operational excellence programs have found their way to financial service firms. Today, the resulting cost and risk reductions are further enhanced by embracing new digital technologies–such as those falling under the umbrella of Industry 4.0. These digital technologies stimulate a new wave of operational efficiency improvements by making processes more automated, autonomous, and smart. We provide a framework to evaluate the transition towards digital, autonomous and smart operations in financial services. We report our findings from the digital operations journey of Euroclear, a service provider of settlements for securities transactions, on their quest for increased automation and autonomy. We also shed light on the potential of artificial intelligence in financial services. Data-driven solutions may support financial service firms from purely descriptive models and methods with strong predictive power, towards prescriptive decision-making algorithms.
Original languageEnglish
Title of host publicationSpringer series in supply chain management
EditorsVolodymyr Babich, John R. Birge, Gilles Hilary
Place of PublicationCham
PublisherSpringer Nature
Pages175-188
Number of pages14
Edition1
ISBN (Electronic)9783030757298
ISBN (Print)9783030757304, 9783030757281
DOIs
Publication statusPublished - 2022

Publication series

NameSpringer Series in Supply Chain Management
Volume11
ISSN (Print)2365-6395
ISSN (Electronic)2365-6409

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